Renting out a home can be a bit intimidating, at first thought. The cost of home repairs and the gamble of finding tenants can be stressful, but the benefits of income and tax deductions can make it all worth it. Many rental property expenses can be deducted to offset…
Tax season might end April 15th but that doesn’t mean it’s the last day you’ll be dealing with it. The IRS contacts about 10% of taxpayers in the form of a letter or notice in the months following. The majority of these notices will require the taxpayer to take action…
Presently, more than 150 million taxpayers seek the assistance of tax preparation services and this is enough to prove the kind of business it tends to be. Many tax accountants and preparers take advantage of this growing need of people and try to lure them with low rate promises and…
If tax preparation is not your specialty, it is highly advised you don’t do it on your own. Fortunately, a professional tax preparer can be hired to handle your business’ tax preparation. Asking questions is always a great way to get a feel of the person you are hiring as…
The IRS offer in compromise is a program for taxpayers to settle back tax debt for less than the amount owed. This may sound crazy, even scammy, that the IRS will actually settle for less than the amount you owe; however, this really is a legitimate option for certain, qualified…
When looking to outsource their tax preparation, many businesses are still dependent on CPAs or Certified Public Accountants. However, with changing trends and in order to obtain better benefits, Enrolled Agents (EA) are slowly turning to be a popular choice among startups, small businesses and even full-fledged organizations. Let us…
One of the most prominent tax deductions for this 2018 tax year is the 20% Qualified Business Income (QBI) tax deduction, also known as Sec 199A of the IRS tax code. Effective for tax years beginning after December 31, 2017 and before January 1, 2026 taxpayers that are not corporations…
As a homeowner you will want to be sure maximize your tax deduction, here is a list of the documents you will need to prepare your tax return as a homeowner. 1. 1098-Mortgage Interest Statement 2. Real Estate Tax Receipts 3. DMV Registration Bill 4. Charitable contribution receipts. 5. W2s…
First off for clarification, as most don’t know the difference, an S-Corporation is not always a corporation. An S-Corporation is strictly just a tax entity, whereas an LLC or Corporation are legal entities. However, in order to be taxed as an S-Corporation, you will need to first be set up…
Recently, the IRS has unleashed four private debt collection agencies to farm out tax debts. In 2015, under Section 32102 of the Fixing America’s Surface Transportation Act (FAST Act), Congress authorized the outsourcing of tax collections by the IRS to 4 private agencies. Now the IRS has recently begun to…
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